We’ve talked about the advantages of new homes, foreclosures and short sales.  We’ve also talked about mortgage rates.  They are at an ALL TIME LOW.  How long will these low rates last?  No one knows, but I can tell you that if there has ever been a GREAT time to buy a home, NOW IS THE TIME.

Between the Florida home  builder incentives, such as paying buyer closing costs up to $10,000 and USDA loans coming back newly funded (these are no money down loans), FHA, now only 3.5% down (could be going to 5% down);  tell me these are not enough reasons to buy NOW.  These reasons alone are great reasons to buy now.  Could it get any better?  Who knows?  We don’t have a crystal ball, but we do know that no money down loans, paid closing costs for the buyer, greatly reduced pricing by the new homes builders, etc are all  SUPER SAVINGS to a home buyer.

Go to your computer, fill out our inquiry form showing what kind of home you are looking for or give us a toll free call 877-858-5003 and speak to us directly.  We would be happy to help you find the perfect home in this forever changing, but fantastic real estate market.  Don’t miss out on your opportunity to buy your home today!

Remember, VA and USDA loans are NO MONEY DOWN; FHA loans require 3.5% now, but could be increasing to 5% down sometime this summer; Florida home builders have phenomenal home prices with all kinds of incentives from up to $10,000 in closing costs, 50% off all upgrades; seriously this is a fantastic real estate market and if you are looking to buy a home, do it now so you won’t miss out.

ONE MORE THING!  It’s very important that you know we are all experienced and educated buyer’s agents that will cost you 0 dollars for our services.  That’s right; our services to you are at no cost because the seller’s listing office splits their commission with the buyers agent’s listing office.  Allow us to help you find just the right home.  One that you will be happy with and we will do just that! We take pride in knowing the ins and outs of this market and promise to put knowledge, expertise and dedication at your service… let us help you make Orlando or Tampa your new home!

Due to REO properties and Short-Sales glutting the inventory, lowering values and driving the market, there are certain things that your buyer’s agent and yourself need to know.  While the following suggestions refer primarily to bank owned (REO) transactions, these tips can be beneficial in short sales as well.

1) LOGIC TRUMPS EMOTIONS

As far as lenders are concerned, the sale of an REO property is all about making a rational decision based on the almighty dollar…making money!  Know that these transactions NEVER involve emotions, as can be the case in a traditional transaction between buyer and homeowner.

In a REO transaction, the lenders hire an asset manger to do one thing and one thing only: minimize the lender’s losses by getting as money as possible for each and every property.  The truly don’t care about how much the buyer loves or wants the property.  In fact, should your agent indicate to the the listing agent or asset manager their feelings, it would likely hurt than help the negotiating positon.

2) YOUR AGENT MUST KNOW THE PLAYERS & THEIR RULES

There are added levels of complexity that demand adherence to the procedure.  Certain steps specific to the lender, the asset manager, the municipality and other parties have to be completed in order dictated and in the manner required.  Following are examples;

a) When a listing states “no half-price offers” it simply means that.  “No half-price offers”  Just because the property has been foreclosed does not mean that the seller will entertain just ANY offer.  A buyer and his/her agent need to understand this.

b) In some cases the lender will require the buyer to provide an earnest money deposit in the form of a “certified check”.  When this happens, just do it!  It’s a requirement and should not be questioned.

c) If your buyer’s agent is told that the asset manager needs the written bid to be presented in a specific standard form, that form needs to be used.  No questions!

d) When it comes to closing on a property, please know that in almost all instances sellers want to use a title company of their choice.  By running  everything through one title company already familiar with the seller’s contracts helps to cut costs and minimize mistakes.

e) For the most part the banks rule.  For example, once agreements are in place it’s important for the home buyer to honor the seller’s closing date.  If not, the home buyer may be placed in a per diem situation.  This means that the seller charges a daily penalty, which will be disclosed in the contract, until the sale closes.  If the home buyer cannot make the bank’s requested closing date then the buyer’s agent should try to get an extension.  If not then the seller could hold the buyer’s funds for nonperformance.  Be sure to pay attention to the closing date.  In a way, lenders, asset managers and listing agents make it easier because they tell you exactly what is needed.  As a buyer, you only need to provide it.

3) HOME BUYER’S MUST HAVE PROOF OF FINANCING

This by far is one of the most important rules.  Seller’s will not give a buyer the time of day without proof they can sit at the closing table holding secured funds.  Following is what the seller’s in REOs and short sales consider secured funds…

* Home buyer’s need to have current pre-approval for a mortgage for the sale price, which means not more than thirty days old.

* If the home buyer is paying cash for the property, then verification of funds from their financial institution holding those funds is required in writing.

* As a home buyer purchasing a derelict property, you will need approval for a 203K rehabilitation mortgage.  Again, no older than thirty days.

* As an investor conducting business through a company you will need to provide the company’s articles of incorporation.

4) SWITCHING THE COURSE IS RISKY

Please know that the terms stated in the purchase contract is what drives the seller’s decision.  If you were to change any of those terms is would be risky.  For example, let’s say that you originally planned to pay cash for the purchase, the seller is accepting your offer based on that.  Switching to a mortgage could negate the entire offer because technically this creates a breach of contract and the seller is entitled to walk.  Cash MEANS cash.  If as a buyer you know that your purchasing position may change, be up front and notify your agent as soon as possible so that he/she can notify the seller.  The seller may not be happy about it, but being forthright may reduce the likelihood that the transaction will blow up completely.

5) ARE THERE ANY EXCEPTIONS TO THE RULES?

Even though REOs and short sales are nontraditional transactions based on very specific and unique rules, it is also true that there are occasional exceptions to their rules.  Don’t ever say NEVER!  As an example…if a property is offered in an as/is condition, it is possible that the seller may agree to make repairs, but it could also come at a price.

6)  TODAY’S LESSONS EQUAL FUTURE BENEFITS

Even though real estate of continue to be conducted in the traditional way, it’s important to understand what is being called the “new normal”.  Until the local markets across the country stabilize understanding them is essential for everyone involved in today’s real estate industry and the home buyer’s as well.  If your agent were not to provide an understanding and investigate these properties for you, it would be a disservice.

Florida Homes Realty Professional Group’s agents have gained the knowledge and experience needed to help you find a foreclosure or short sale.  Unfortunately, distressed properties are always going to happen.  We are continually educating ourselves to stay on top of the real estate market with its forever changes.  Be sure to call us toll free 877-858-5003, if you have any questions or we can be of service to you in your home search and purchase or investment!

IS A DISTRESSED PROPERTY RIGHT FOR YOU? Let’s find out…
While distressed properties are a very sad fact of the real estate market because homeowner’s are loosing their homes, it also presents a unique opportunity for home buyers. If you have an interest in buying a a foreclosure or short sale property it’s important that you learn all that you can about the process and work with a qualified buyer’s representative you can and will guide you through each and every step of the complex, non-traditional purchase transaction. Below please note the foreclosure process and the home buying opportunities at each stage:

1) PRE-FORECLOSURE – this is the period of time that begins with the initial mortgage default and ends when the distressed property is sold.

2) FORECLOSURE SALE – this occurs when the property is auctioned to the highest bidder and someone who also meets the terms of the sale.

3) REO (REAL ESTATE OWNED) – In the event a foreclosure sale is not successful, the property ownership is transferred to the lender.

WHAT IS A SHORT SALE?
This is a situation in which a homeowner owes more on their home loan than a sale of their property will produce, and they are unwilling or unable to make up the difference at closing. The homeowner may or may not be in pre-foreclosure. The lender determines whether or not a short sale is approved. The bank may consider a short sale to a new buyer to reduce their losses.

Following are some very important questions to ask yourself:
*Are you flexible on timing? Can you make a quick decision and/or accommodate months of possible delays?
* Is your purchase limited by any contingencies, such as needing to sell your current home first?
* Have you already secured financing for this purchase?
* Do you have the resources to repair and rehab the property, if needed? If not, check into a 203K loan !
* If you are buying the property for the purpose of investment, do you have a plan? Do you intend to rent or resell? Inhabit the property until the real estate market conditions improve? You need to have a plan.

If you are in the market for a distressed property or not, give Florida Homes Realty Professional Group a call to find out more how our qualified agents can help you find the right property for you.

Wow! The new home builders in Orlando and Tampa are offering incentives beyond belief. Just the other day we helped a home buyer to purchase a lovely 2-story, 3 bedroom, 2.5 baths with a single car garage in a fabulous master planned development that offers some of the greatest amenities I have seen. The BEST NEWS is that we were able to negotiate the price down, several thousand dollars paid closing costs and pre-paids, side-by-side refrigerator, microwave, lot premium waived and all brand NEW. This is just one example of what Orlando and Tampa home builders are offering. If you’re looking to buy a property, whether it is a single family home, townhouse or condo, NOW is the time to buy. Rates are at an all 15 yr low. Call Florida Homes Realty for more information on what the new home builders in our real estate market has to offer. Call toll free at 1-877-858-5003 or fill out an inquiry on our web site and let us send you some examples of the new home communities in Orlando and Tampa. You will be so excited that you did.

We have some great tips on how to remove carpet stains, homemade carpet freshener, making your furniture look new again, sparkling clean mirrors, shiny shower doors and more.   Let’s get started on saving you money…

REMOVE CARPET STAINS: Combine 1 tblsp vinegar with 1 tblsp cornstarch & work into the spot with a soft cloth.  Leave it for 2 days to do its magic, then vacuum.

HOMEMADE CARPET FRESHENER: Mix baking soda with ground cinnamon or cloves.  Sprinkle the mixture over the carpet.  You’ll want to wait at least 15 minutes before vacuuming.  Before doing this make sure you test your carpet for color fastness just in case!

MAKE FURNITURE LOOK NEW AGAIN: If you have a scratch or blemish on varnished furniture here’s a great tip;  rub the area with cooking oil and a soft cloth.  If you want to color in nicks or scratches in wood stained furniture,  cabinets and trim rub the area with a pecan nut.  The oil of the nut will restain the the wood.  Here’s another good one; if your wood furniture has a water stain simply rub mayonnaise on the stain and let sit overnight.  When you wipe it off in the morning the finish will be restored.

SPARKLING CLEAN MIRRORS: Clean your bathroom mirrors with shaving cream and the will not fog up and will be streak free.

SPARKLING WINDOWS: To clean windows inexpensively be sure to add a small amount of cornstarch to 3-4 qts of water.  After washing your windows be sure to dry them with paper towels.  This will clean and dry them faster than any store bought cleaning solution.

SHINY SHOWER DOORS: If you struggle like most to keep your shower doors shiny and clear, then you are going to love this one.  Take a soft cloth moistened with baby oil and go over the glass surface.  The baby oil with prevent build up from dirt and soap and will keep hard water spots from forming for several months.

HOMEMADE WINDOW CLEANER: If you want to make your own window cleaning potion then mix equal parts of vinegar, ammonia and water.  Put it in a clean spray bottle and squirt on your windows.  Be sure to use newspaper or coffee filters to wipe off dry.

STICKY SITUATIONS: Have you ever had left over stickiness from price tags & stickers on glass and could not get it all off when you washed it?  If you will spray a little of WD 40 on the sticky spot it will wipe right off.

RESTORE STAINLESS STEEL: If your stainless steel has lost its luster, no worries.  Place your flatware in a pan and cover it with carbonated water, soda water, seltzer or club soda.  Let it set and after a few minutes it will shine like brand new.

WINE AND FRUIT STAINS: Believe it or not, salt is great for removing stubborn fruit and wine stains from your tablecloth, cloth napkins and towels.   Immediately cover the stain with salt.  Let stand for a short time and be sure to wash in cool water, not warm.

REMOVE CANDLE WAX: Have you ever had candle was drip on the carpet or tablecloth.  Place a brown paper bag over the area and gently run a warm iron over the bag.  Works like magic!

REMOVE MARKS FROM FLOORS: You can remove black heel marks from hardwood floors by taking an old toothbrush and adding a little toothpaste.  Scrub the area and wipe with damp cloth.  The heel marks will disappear and the floor will have a nice shine.

REATTACH LOOSE KNOBS: When you put your loose knobs back on drawers, dip the screw in clear fingernail polish or shellac before resetting them.  This will help the knobs stay tight much longer.

SHARPEN SCISSORS: Take your dull scissors and cut through a sheet of sandpaper a couple of times.  They should be like new again.

REFRIGERATOR ORDER: Place a few crumbled brown paper bags into the back of the refrigerator and change then with fresh ones whenever the bags begin to smell.  In no time the brown paper bags will have absorbed all the order.

HARD WATER BUILD UP: Pour some white distilled vinegar in a plastic bag and place the bag around the shower head to the head is completely submerged.  Tie the bag around the pipe and let it soak over night.  Remove in the morning and the shower head should spray like new again.

INSTANT AIR FRESHENER: Boil some water, cloves and orange peel in a pan and set the hot pan of liquid in the room for a while.  The wonderful citrus scent will permeate through the air.  Enjoy!

Be sure and try some of these great tips.  The agents and staff at Florida Homes Realty Professional Group are always striving to help our customers in any way that we can.  These tips are great and we have enjoyed sharing them with you.

This lovely 2-story townhome located in Spring Isle, which is in the fabulous Avalon Park area in Southeast Orlando, offers 3 bedrooms each w/their own private bathroom, main master upstairs with dbl vanity, garden tub, separate shower and walk-in closet.  Secondary bedroom upstairs in the back of the townhouse overlooks conservation & pond. Washer/dryer also upstairs.  Kitchen offers beautiful wood cabinets, tiled flooring, breakfast bar, built-in microwave, range, dishwasher, disposal, refrigerator and pantry.  Downstairs bedroom has shower, vanity and walk-in closet.  Living room & dining room combo overlook the beautiful conservation with a pond water view beyond.  Location, location, location!  This is a great townhouse, guard/gated beautiful community with club house, large pool and tennis courts is close to University of Central Florida, Valencia College, Waterford Lakes Town Center, downtown, major highways like the East West Expressway 408, the Greenway 417, Hwy 50, aka Colonial Dr and Cocoa Beach + more.  Call 1-877-858-5003 today for an appointment before it’s gone!  Don’t miss out!

Just out from the Orlando Regional Realtor Association…Orlando homes sales increase as median price climbs for the third month in a row. This is great news! These increases include both bank-owned homes and short-sale homes. The bank-owned homes & short-sale homes made up 67.9% of all sales. Bank-owned homes alone accounted for 46.20%. In April 2009 the median price for a home in Orlando was $130,000. The current median of $115,000 is 11.54% under the median price of April 2009.

While the bank-owned properties have been feeding the inventory of homes in the Orlando marketplace at a steady pace, they have been selling quickly, especially those in the lower price ranges, which have attracted first time home buyers.

As predicted, the home buyer tax credit certainly assisted in stabilizing our market by helping to create a surge of home sales this spring. Where do we go from here? Hopefully moving forward, our low interest rates and affordable prices will continue to keep the home buying demand strong.

For those of you interested in the Orlando home market, there are currently 15,766 homes available for purchase through our MLS. Our April 2010 inventory is 21.93% less than it was in in April 2009.

If you are interested in buying a home in the near future, please do so before the Federal Tax Credits expire and FHA loan fees and down payment requirements increase. Those who wait will pay thousands more this coming spring.

Here are a few reasons why you should not wait;

1) As of April 5, 2010 the cost of up-front mortgage insurance for loans guaranteed by FHA will increase from 1.75% to 2.25%. Even though the up-front mortgage insurance is typically financed in the final loan amount the impact on the monthly mortgage payment will be minimal, but overall the increase can be significant. Almost $1000 on a $200,000 home purchase.

2) Later this spring the amount of money that a seller can give back to the buyer from the sale proceeds will cap at 3% of the purchase price. Currently a seller can give back up to 6%, which in a lot of cases the buyer is able to get into the property with very little out of pocket closing costs. On a $200,000 purchase, for example; these “seller concessions” can increase the amount of cash at closing by $6,000. This is significant and in today’s market a lot home buyers are short on cash.

3) There’s word out that the required down payment on FHA loans will increase from 3.5% to 5%.  Home buyers…that is a $3000 increase.  We do not know when this change will occur, but we will keep you informed.

So, if you are in the market to buy a home there is only one way to avoid the extra cash out of pocket that will be required this spring… please get your FHA mortgage application in no later than the last week of March 2010.

If you have any questions or we can be of service in your home search, please email us or give us a call.

Toll Free: 877-858-5003             Email:  info@floridahomes-info.com

Home buyers…don’t miss out on new home decreased prices, new features, and new communities. Florida’s New Home Builders have become very aggressive with what they have to offer. If you buy one of their beautiful new inventory homes no later than April 30, 2010 and close on or before June 30, 2010 you will be entitled to a federal tax credit. New home buyers that are buying a home for the first time are entitled up to an $8000 tax credit and homeowners who are looking to move up into a different home are entitled up to a $6500 tax credit. Couple this with the savings that the new home builders are giving and all the extra perks and in some cases builders are contributing to the home buyers closing costs it is a definite win-win for the home buyer. Don’t miss out on this! After April 30, 2010 there will be no more tax credits offered and as the Florida real estate markets improve, prices will start going up and the home builders will decrease their incentives. Take advantage of the savings and call us today for more information at Orlando 877-858-5003 & for Tampa direct at 813-493-2272. We will be adding more and current new homes to our new home section very soon so visit us often.

INVESTORS…we just received the good news that the Dept. of Housing and Urban Development is relaxing the rules that prohibit insuring mortgages on homes owned by the seller for less than 90 days. This becomes effective Feb. 1, 2010 and hopefully will expedite the rehabilitation and resale of foreclosure properties.

Many property investors buy a foreclosure, but also have to do some rehabilitation in order to sell it again. This is often achieved in less than 90 days. This temporary waiver will allow these investors to sell the property much more quickly, but there are some restrictions to ensure FHA home buyers are protected from inflated prices.

1) All transactions must be arms-length and there can be no identity of interest between the buyer and seller.
2) If the sales price of the property is 20 percent or more above the seller’s acquisition cost, the lender must meet specific conditions for the waiver to apply.
3) The waiver is limited to forward mortgages, and cannot be used under the Home Equity Conversion Mortgage (HECM) purchase program.

This temporary waiver sill expand access to FHA mortgage insurance to many home buyers and will be in effect for a period of one year, unless extended or withdrawn by the FHA.

With this new policy it really is the time to buy a home. Call us today for more information on home in Orlando or Tampa Florida. Call 877-858-5003 or email info@floridahomes-info.com